Commodities Chart Pack Commodities Chart Pack (Apr. 2026) It is early days into this ceasefire and there is huge uncertainty around whether it holds and, if it doesn’t, what it means for future negotiations and strikes on energy facilities. For what it’s... 10th April 2026 · 1 min read
Commodities Update Fall in gold prices has further to run Weaker structural demand for gold left prices vulnerable to a pick-up in real yields and reduced risk appetite on the back of the conflict in Iran. But even if the conflict were to de-escalate soon... 25th March 2026 · 3 mins read
Capital Daily Markets back in escalation mode Escalation in the war remains bad news for asset markets. And while central banks haven’t themselves done much to de-escalate conditions in the bond market, there’s a case, in our view, for an... 23rd March 2026 · 5 mins read
Commodities Weekly Energy market meltdown; gold failing to shine The attack on Qatar’s LNG export hub, which has knocked out 3-4% of global LNG supplies, grabbed the headlines and has caused natural gas and LNG prices to spike. On the face of it, there is some... 20th March 2026 · 6 mins read
Commodities Weekly EU carbon market rocked by politics; volatile “safe havens” EU carbon prices fell sharply this week on the back of calls by political and industry leaders to water down the EU Emissions Trading System. As we’ve highlighted before, this is a risk that could... 13th February 2026 · 4 mins read
Commodities Update Signs of a gold bubble in China point to higher volatility The growing use of leverage and futures trading to gain exposure to gold in China suggests that the recent increase in Chinese gold demand is more consistent with a speculative bubble inflating rather... 12th February 2026 · 4 mins read
Latin America Economics Weekly China-Panama rupture, precious metals & Lat Am The Panamanian Supreme Court’s decision to annul the licences that allowed a Hong Kong based firm to operate in the Panama Canal has been met with a backlash from China. While it’s not clear if China... 6th February 2026 · 5 mins read
Africa Economics Update SA and the bursting of the precious metals bubble We think that the recent drop in precious metals prices has further to run, and the recent outperformance in South Africa’s financial markets has come to an end. But on the macro side, South Africa’s... 6th February 2026 · 4 mins read
Commodities Chart Pack Commodities Chart Pack (Feb. 2026) Geopolitical risk and speculation lifting prices for now The sharp rise and fall in precious metals prices, which appeared to be driven somewhat by leveraged investors, has all the hallmarks of a... 5th February 2026 · 1 min read
Commodities Update Six key questions about the sell-off in precious metals We recently hosted a Drop-In on the sell-off in gold and other precious metals. This Update answers six key questions on topics such as the role of leverage in driving prices, the macroeconomic and... 3rd February 2026 · 4 mins read
Event Drop-In: The precious metals sell-off and market risks 2nd February 2026, 1:00PM GMT The week has opened with signs that the sharp fall in precious metals prices is spilling over into broader financial markets.
Commodities Weekly Geopolitical risks mask a fundamentally bearish oil market The building tensions between Iran and the US have driven Brent crude prices to a six-month high. That said, we think that the historical example of last year’s 12-day war, and a well-supplied oil... 30th January 2026 · 4 mins read
Commodities Update The higher gold goes, the harder it could fall It’s notoriously hard to objectively value gold, and it’s plausible that the rapid ascent in gold prices could reflect a paradigm shift in demand. In fact, if gold prices were to follow the trajectory... 30th January 2026 · 5 mins read
Commodities Weekly Higher EU gas prices won’t last; a 1970s-esque gold market? The fact that EU natural gas prices rallied this week, even after tensions in the Middle East had de-escalated, suggests that the prospect of cold weather and short covering by speculative investors... 16th January 2026 · 4 mins read
Commodities Update Scrap recycling won’t ease metals supply woes yet The recycling of scrap metals and minerals has been put forward as a potential solution to high metals prices and the west’s push towards self-sufficiency, while also offering a promising step towards... 13th January 2026 · 3 mins read
Commodities Weekly Greenland’s mineral potential; metal price mayhem Despite Greenland’s undoubted resource potential, the significant technical challenges and high costs associated operating on the island will surely limit the potential for sizeable production... 9th January 2026 · 4 mins read
